Who needs a million $ cash to retire

[daylatedollarshort]

But that's part of the fun/interest of threads like these ... you read through, looking for others in similar circumstances, and learn from their experiences.

I say keep these "useless" threads coming!

(I'd also be interested in the "what are your expenses" one someone above mentioned. Saw that someone pays $13K in property taxes and nearly fell off my chair--I couldn't do that. The $4600 we pay for our little ranch in VT is bad enough--esp if you have no kids and still have to support the schools.)

I like reading about other household expenses, too, especially the posters who live well on modest amounts. I'm always looking for ideas on not necessarily cutting expenses but getting the best values for our dollars or how to live more sustainably.

 

[Teacher Terry]

We were living high on the hog at 62k with lots of travel and still fine at 47k. I find some of the posts condescending. Despite being very educated some of us chose occupations that are satisfying but not high paying.

 

[scrabbler1]

My husband and I have 5 kids between us and no grandchildren. Things are changing.

Those in the younger generations (Millennials, Z) are choosing more and more to be childfree, whether it is for financial, personal, environmental, or simply "not interested" reasons. I commend those who choose to go against the so-called "life script" the way I did. It isn't always easy, especially for women and married couples. For single men, such as me, it isn't that big of a deal.

 

[Teacher Terry]

My kids are 38-46. My step sons 28-30. My sister made the decision and is now 73. The horrible things people said behind her back for not getting married and having kids.

 

[cnocmmz]

Also, when you discuss a 4 % WR, don’t forget to - taxes
Best of luck

 

[cnocmmz]

In general, I wouldn't be worried about them out on the street or eating cat food, but you have to total the numbers and then compare that to your spending. 400K at 4% is $1,600 per year or about $1,333 per month. So you would need to look at spending or budget and compare the monthly income to your budget. My buddy starting drawing an IBM pension 25 years ago, but no COLA so what started as We In the Money is now worth considerably less.



Don't want to rain on parade, but without doing the numbers you can't really be too comfortable. IMHO

Also, when you discuss a 4 % WR, don’t forget to - taxes
Best of luck

 

[MultiEventer]

It's all about living below your means to make it work. If you are on SS, have a few hundred thousand to draw from, you can live quite well. Especially in rural America. Given the 4% rule, that means about 10k from a SWR and roughly 30k from SS to make 40k income. If that's not enough, then you will have to work longer, declare SS later or work part time while you draw SS and SWR. But having said that, this is a retire early forum. That means retiring before SS kicks in is the way most people in the FIRE movement have defined it. In fact, that was the entire reason why I FIRE'd. I wanted to retire in my 50's while young so I could hike/bike/kayak/climb the US before my sports injuries kicked in, reducing my activity level. At age 57 now, it's already starting to happen. Hip surgery is just around the corner so I hope that fixes things. Anyway, at least a million is necessary to FIRE if you can live on 40k per year until you turn 62 for early SS. I was in that boat until I FIRE'd at age 54. I will get no inheritance. I will get no pension. It was all about LBYM and investing the difference for 30 years since I was about age 22 when I signed up for my 1st 401k. So ya, I am a millionaire (slightly) and that's what I draw from for a comfortable, middle class existence. For those expecting money from other sources like an inheritance or pension? Congrats! You won't need as much as I did to retire.

 

[karen1972]

But that's part of the fun/interest of threads like these ... you read through, looking for others in similar circumstances, and learn from their experiences.

I say keep these "useless" threads coming!

(I'd also be interested in the "what are your expenses" one someone above mentioned. Saw that someone pays $13K in property taxes and nearly fell off my chair--I couldn't do that. The $4600 we pay for our little ranch in VT is bad enough--esp if you have no kids and still have to support the schools.)

LOL well I know in Chicago NW burbs a $500k home w/ 2.6% property tax on new builds = $13k, its very easy there to get to insane numbers. The very reason why I decided long ago I was not retiring there and I literally looked for my home based on property tax, I bought in 2009 and was ecstatic to pay only $5500, sold in 2015 with a bill of $8300... they now have a cap of 7% every year and you bet its 7% increase every year YoY.

 

[NW-Bound]

One of my favorite quotes:

"You can live well if you're rich and you can live well if you're poor, but if you're poor, it's much cheaper." -- Andrew Tobias

I prefer to live well being rich, but if I get poorer, I will find a way to live well. People do this all the time.

Of course, I am not talking about being destitute, panhandling on the street, and sleeping over a sewer grate to stay warm. That's too tough to live well, but I could be wrong.

 

[calmloki]

All about value - or living well beyond your means.

 

[Rianne]

My kids are 38-46. My step sons 28-30. My sister made the decision and is now 73. The horrible things people said behind her back for not getting married and having kids.

I know horrible things were said behind our back for not adopting a child. "Selfish" comes to mind. "No wonder you can RE, you don't have kids."

 

[Teacher Terry]

R, I don’t know why people don’t seem to understand that some people don’t want to get married and some don’t want to have kids. They are valid life choices.

 

[Rianne]

R, I don’t know why people don’t seem to understand that some people don’t want to get married and some don’t want to have kids. They are valid life choices.

Yeah, there's always going to be those who say mean things about other people's life choices. I'm a huge dog lover and I don't understand people who dislike dogs which brings me to one of my favorite quotes:

“I'm suspicious of people who don't like dogs, but I trust a dog when it doesn't like a person.”

Bill Murray

 

[Teacher Terry]

I love the quote. I never bugged my kids about giving me grandchildren either.

 

[NW-Bound]

It would be stupid to pressure your children into having a child when they do not want to. Older generations used to do that. They did not know better.

A sane person would not pressure anyone into adopting even a pet.

About Murray's quote, does he say anything about dogs that maul people to death? "Gotta be some valid reason that the dog does not like the victim"?

 

[Rianne]

It would be stupid to pressure your children into having a child when they do not want to. Older generations used to do that. They did not know better.

A sane person would not pressure anyone into adopting even a pet.

About Murray's quote, does he say anything about dogs that maul people to death?

No. And he does not say anything about people who shoot people to death, especially school children. Dogs who are mistreated and trained to attack typically exhibit that behavior. People, on the other hand...just shoot for who knows what?

 

[NW-Bound]

Why are we going from bad dogs to bad people?

Murray made a bad generalization about dogs and people.

He is a reasonable guy. If given a chance, he would retract what he said, I hope.

 

[RobbieB]

I trust dogs over people anyday.

People will lie to you, cheat you, talk bad about you. When you get home your dog will always be happy to see you.

 

[NW-Bound]

Do you trust other people's dog? Any dog?

That's what I take Murray's saying to mean. He made a dumb generalization.

 

[calmloki]

I trust dogs over people anyday.

People will lie to you, cheat you, talk bad about you. When you get home your dog will always be happy to see you.

Yeah! As a test lock your wife and your dog in the trunk of your car. Come back in an hour and see who's happy to see you.

<jk>

 

[CardsFan]

Yeah! As a test lock your wife and your dog in the trunk of your car. Come back in an hour and see who's happy to see you.

<jk>

You beat me to this one. I have used it often. (not the real test, just the joke)

 

[Twistnshout]

My mom made a fortune on pet stocks. She notice how people were treating them like their children.

She and I both wonder what is wrong with people who need to have a dog. Cant get along with humans? Something missing?

Just joking but there might be some truth to it. We have a dog or I should say my wife and son have one. I scratch my head just watching all they have to do for it. lol

 

[MarieIG]

Those in the younger generations (Millennials, Z) are choosing more and more to be childfree, whether it is for financial, personal, environmental, or simply "not interested" reasons. I commend those who choose to go against the so-called "life script" the way I did. It isn't always easy, especially for women and married couples. For single men, such as me, it isn't that big of a deal.

My second son and his wife advised (several times) before they got married that they were not having children. I think they were expecting a protest. If so, they are just going to have to wait. They are NOT getting it from me. I happen to think it's their business.

My oldest (surprised me) by recently getting engaged. I haven't said a peep to them about children, and don't intend to.

 

[MarieIG]

I know horrible things were said behind our back for not adopting a child. "Selfish" comes to mind. "No wonder you can RE, you don't have kids."

a) How dare they! That is ridiculous, totally your business and NONE of theirs; and

b) Maybe they are jealous.

 

[Gumby]

a) How dare they! That is ridiculous, totally your business and NONE of theirs; and

b) Maybe they are jealous.

If I'm talking about my retirement with someone I know has children, I usually try to beat them to the punch by volunteering something like "Yes, I am retiring early, but then I didn't have children to pay for." This has 2 benefits:

A) It's true
B) It makes them feel better.